The operator held the cleartext
Crossfinder
$84.3million
Credit Suisse transmitted subscriber orders out of its dark pool to other desks. Confidentiality was a contract term. The machine could read the book anyway.
Trade size on a venue that can account for its silence
A cryptographically robust protocol for trading tokenised bonds or financing against them through a funded repo agreement on Hedera. Prove eligibility without publishing credential attributes and keep order fields sealed until the round closes. The disclosure lattice tracks what the venue publishes and keeps it within a governed budget.
The two accidents
Institutional trading produced the same failure twice, in opposite directions. Most venues still pick one.
The operator held the cleartext
$84.3million
Credit Suisse transmitted subscriber orders out of its dark pool to other desks. Confidentiality was a contract term. The machine could read the book anyway.
Nobody held the sum
$5.5billion
One fund stacked the same risk across several primes. Privacy worked exactly as sold. No counterparty, and no supervisor, could see the line.
This venue refuses that choice. Size leaves sealed. Disclosure follows a governed scale, not a blunt hide-or-show choice.
Closed before reveal
A hashgraph event carries transaction bodies. Side, price and quantity on a plain book would replicate with it.
Protocol response The commit phase sends one fixed-length hash. The sender, timestamp and bond remain visible; the order fields do not.
Inspect the sealed ticketClosed in the encoding
A bond price lives in a narrow domain. A weak salt can be enumerated in minutes on a laptop, making the seal decorative.
Protocol response The opening uses a full-scalar-field salt and a fixed domain-separated encoding bound to the committer.
Open the commitment proofClosed by one clock
Separate windows drift. A trader who can observe an opening and still pull their own order owns an information option.
Protocol response Cancel closes exactly where reveal opens, both derived from the commitment timestamp.
Watch the round clockPartially answered
The public mirror node returns associated accounts, exact balances and per-account compliance status without a credential.
Protocol response Eligibility attributes arrive as a zero-knowledge proof. The resulting account grant and upstream HTS records remain public.
Inspect zero-knowledge eligibility8 parties 7 directed edges
Boundary, not a privacy claim
Identity, quantity and time were enough to reconstruct a live issuer flow that no primitive field disclosed by itself.
Protocol response The lattice prices derived venue publications. It cannot erase raw HTS transfers already written upstream.
Inspect the disclosure recordOne order, two propagation paths
The book receives a sealed commitment first. Later venue disclosures are accounted for against a published limit.
salt 0x91…4c
Hypothetical plain book
29operators receive the fields above
Lattice Prime
29operators receive only the visible fields
The network receives the trader, timestamp, bond and one fixed-length commitment. Side, price, quantity and salt are absent.
At reveal, side, price, quantity, salt and backing become public transaction inputs. The disclosure lattice governs later venue events, not those inputs.
Public activity
Counterparty identity
Supervisory risk
These labels describe why each policy row exists, not a private delivery channel. Published venue events are public; the lattice decides whether the venue may publish them and accounts for the disclosure.
The instrument is already a market: Broadridge’s distributed ledger repo printed $7.4tn in August 2026. What it cannot print is a receipt of what it withheld.
How a round runs
One trader journey from private eligibility to a disclosure record you can check.
Prove the required attributes in zero knowledge. Your credential details stay out of the order and financing workflow.
Submit one fixed-length commitment instead of readable order fields. Cancellation closes exactly when reveal opens, and proceeds remain available for you to withdraw.
Each venue publication draws from a governed limit. Once that limit is reached, a valid cancellation still completes while its venue event is withheld.
The disclosure receipt ties published or withheld activity back to the successful transaction and its governed limit. You can check that record against the chain.
The disclosure lattice
A market print can reveal a summary now or exact detail later. Tap the grid to see what this example policy permits.
Illustrative policy
Within policy Summary can be published now under this example policy.
Venue publications only. Underlying blockchain activity remains public.
The record
A blunt hide-or-show choice does not work for regulated collateral. Each venue publication draws from a governed limit. When that limit is gone, the event is withheld while the valid transaction still completes.
That silence is written to a Hedera consensus topic, so an independent verifier can check it against the transaction and disclosure limit.
The lattice governs venue events. Contract storage, transaction inputs, token transfers, and wallet activity remain public.
Why Hedera
The chain matters where it changes the trade: entry, settlement, disclosure, and valuation.
Fair entry
Every sealed ticket receives a consensus timestamp before its order fields are revealed, with no mempool or gas auction ahead of it.
Native settlement
The bond remains a regulated security token, with settlement enforced through native holds rather than a venue-controlled wallet.
Accountable disclosure
Published and withheld venue activity can be checked against the same governed disclosure limit.
Current valuation
The cash leg uses Hedera’s current exchange rate without writing a persistent collateral mark to the ledger.
The next move
Prove the required attributes without publishing the credential behind them.
Submit a fixed-length commitment and open the order after the round closes.
Verify what the venue published or withheld against its disclosure limit.
Hedera testnet only. You will need an ECDSA secp256k1 account with test HBAR. No extension? Open the wallet sheet and watch any address read-only.